I was leaving the Palms-Rancho Park Library at about 5:15 p.m., getting on my bike when I noticed,what I thought was a slow moving "jet". It was headed east which is the normal flightpath for a lot of the LAX air traffic. I then noticed a comercial airline traveling east bound that was higher than the object I was observing. Also, there was a private airplane traveling east and banking left (a wide U turn) to head for the Santa Monica Airport west, wich was much lower than the craft. It was moving so slowly that it couldn't have been a normal aircraft. So I then thought it must be a blimp or baloon. That's when I really noticed the shape of a triangle. It was like a burnt-orange or ox-blood color and had some type of markings at the tip of each corner. The sun had not set yet, so I could not tell if the markings were lights or what. I've lived in the area for over 18 yrs. so I'm familure w/ the "normal airtraffic and flight patterns of the LAX and Santa Monica airports. I urgently started looking around for someone that I knew to show them, but there were only random strangers about. So I began asking different adults and teenagers to look at the object too. Not wanting to plant suggestions of any kind, I was saying things like "excuse me, I don't see that well, could you tell me what that is up there?", pointing to the object, which had now stopped and was hovering almost straight above. Everyone I asked pretty much had the same initial thoughts that I had had..."that's a jet...oh..no...I think thats a balloon...no... it's...uh...hell I don't know what that is...Hey! you guys! Look! What IS that?! I then thought, "maybe I can make it home so that I can show my roommate, since he's always wanted to see a "UFO". Home is only two blocks away, so I went for it, made it to the front door, looked up it was still there! I went in the house and began telling him, "Man, there's a UFO hovering straight up, RIGHT NOW! He headed for the front and I was headed for the back door and told him,"come-on, we can see it right here from the back! Well,...you know what happened when we went outside, nothing. It was nowhere to be found. I kept looking for about five more min. but nothing. I'm reporting this in the hopes that someone else may seen this too.